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Bonds issued 2006
On 24 August 2006 the European Bank for Reconstruction and Development
(i) made the decision to place RUB 7,500,000,000 bonds due 2011 (the "Bonds") and
(ii) approved the Decision to Issue the Bonds.
Application for state registration of the Bond issue will be made with the Federal Service for the Securities Market following syndication of the bonds through a closed subscription placement.